Economy minister says stopping mining industry is not reasonable

YEREVAN, March 25. / ARKA /. Economy minister Vahram Avanesyan has shrugged off today the speculation that Armenia should stop development of mines, saying such a move would be unreasonable despite the risks and problems that exist in this area.

"We must strictly comply with the laws and regulations of the Republic of Armenia in this industry and must also take into account that we are not the only country fighting for foreign investment," he said during an international conference in Yerevan on Armenia’s mining industry.

A group of environmental activists protested against the conference outside Armenia Marriott hotel, the venue of the gathering, organized by the World Bank and the government of Armenia.

Avanesyan said the success of mining companies stems form their greater openness that will not only improve the transparency of their activities and the corporate governance system, but also create a huge responsibility for their managers.

In a related development nature protection minister Aram Harutyunyan denied rumors that he has shares in several lucrative mines. -0-